UK pension deficit rises to 170.6 billion pounds in August: PPF data

LONDON: The shortfall in Britain's private sector pension plans rose to an estimated 170.6 billion pounds ($274.5 billion) at the end of August from 122.7 billion pounds a month earlier, new data from Pension Protection Fund ( PPF) showed on Tuesday.

The total assets of 6,150 schemes tracked by PPF index were 1.2 trillion pounds, while liabilities stood at 1.38 trillion pounds. 4,601 schemes were in deficit, the watchdog said in a statement.

The PPF was created in 2005 to take over the assets and liabilities of UK-based defined benefit pension schemes if an employer goes bust.